Other Tax Questions
Questions and comments on other topics covered in Fairmark.com, such as UTMA accounts, and any tax questions that don't fit our other categories.
IRS correction to my filing
Posted by: jimwillie, May 2, 2017 03:34PM
I underpaid my 2015 income tax because I did not claim a LTCG on my income tax. I plain did not notice a 1099 from a mutual fund and did not include that on my 2015 1040 Sch D.

I paid the difference between my calculation of the tax I had calculated and what the IRS calculated (plus a small interest) in 2017.

My question: how do I handle this on my 2017 income tax?

I do use "TurboTAx" software. Should I correct my TT 2015 software? Or what?

The difference in what I paid in 2015 and what I should have paid is about $3,000.


Re: IRS correction to my filing
Posted by: SC, May 2, 2017 03:37PM
Unless you live in one of the few states where federal taxes are deductible on a state return, or had a capital loss carry forward there is no need to correct your 2015 as the omission has no effect on 2017.

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